$1,423,000 TOWNSHIP OF WEST GOSHEN, CHESTER COUNTY, PENNSYLVANIA GENERAL OBLIGATION NOTE, 2014 A 2 SERIES

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1 $1,423,000 TOWNSHIP OF WEST GOSHEN, CHESTER COUNTY, PENNSYLVANIA GENERAL OBLIGATION NOTE, 2014 A 2 SERIES The TOWNSHIP OF WEST GOSHEN (the "Participant"), existing by and under the laws of the Commonwealth of Pennsylvania, for value received, hereby acknowledges itself indebted and promises to pay to the order of the DELAWARE VALLEY REGIONAL FINANCE AUTHORITY, its successors and assigns ("DelVal"), in lawful money of the United States of America, in such amounts which, together with other moneys held by the Trustee for such purpose, will be sufficient to pay (i) the principal of this General Obligation Note, 2014 A-2 Series (this "Paiticipant Note"), in the amount of ONE MILLION FOUR HUNDRED TWENTY-THREE THOUSAND DOLLARS ($1,423,000), on the dates and in the amonnts set forth on Schedule A-2 attached hereto, and (ii) the interest on this Participant Note, calculated pursuant to the Loan Agreement (as hereafter defined) and such other amounts due under the Loan Agreement on the dates set forth in the Loan Agreement and on Schedule A-2 attached hereto. This Participant Note evidences the payment obligations of the Participant to repay the loan (the "Loan") made by DelVal to the Participant under a certain Loan Agreement (the "Loan Agreement") by and between DelVal, as lender, and the Participant, dated as of January 27, All terms used herein and not defined shall have the meaning set faith in the Loan Agreement. The amounts payable under this Participant Note are payable in immediately available funds on or before the 25'" day of each month, commencing February 25, 2014, at the corporate trust office of TD Bank, N.A., as Trustee (the "Trustee") for DelVal. The amounts payable under this Participant Note are payable without deduction for any tax or taxes, except gift, succession, franchise, excise or inheritance taxes, now or hereafter levied, or assessed thereon under any present or future laws of the Commonwealth of Pennsylvania, all of which taxes, except as above provided, the Participant assumes and agrees to pay. This Participant Note is issued pursuant to an Ordinance of the Board of Supervisors of the Township of West Goshen duly enacted on December 24, 2013 (the "Participant Ordinance"). This Participant Note is issued in accordance with the prov1s1ons of the Local Government Unit Debt Act, 53 Pa. C.S.A et seq (the "Debt Act"). The Participant hereby certifies that the approval of the Department of Community and Economic Development of the Commonwealth of Pennsylvania for the Participant to issue and deliver this Participant Note has been duly given pursuant to the Debt Act; that all acts, conditions and things required by the laws of the Commonwealth of Pennsylvania to exist, to

2 have happened or to have been performed, precedent to or in the issuance of this Participant Note or in the creation of the debt of which this Participant Note is evidence, exist, have happened and have been performed in regular and due form and manner as required by law; that this Participant Note, together with all other indebtedness of the Participant, is within every debt and other limit prescribed by the Constitution and the statutes of the Commonwealth of Pennsylvania; and that the Participant has established a sinking fund for this Participant Note and shall deposit therein amounts sufficient to pay the principal of and interest on this Participant Note as the same shall become due and payable. The Participant covenants with the registered owner of this Participant Note that the Participant (i) shall include the amounts payable for principal of and interest on this Participant Note, for each fiscal year in which such debt service is payable in its budget for that year, (ii) shall appropriate such amounts from its revenues for the payment of such debt service, and (iii) shall duly and punctually pay or cause to be paid from its sinking fund or any other of its revenues or funds the principal of and the interest on this Participant Note at the dates and places and in the manner stated in this Participant Note, according to the true intent and meaning hereof. FOR SUCH BUDGETING, APPROPRIATION AND PAYMENT OF PRINCIPAL OF AND INTEREST ON THIS PARTICIPANT NOTE, THE PARTICIPANT HAS PLEDGED ITS FULL FAITH, CREDIT, AND TAXING POWER. This covenant shall be specifically enforceable; subject, however, as to the enforceability of remedies, to any applicable bankruptcy, insolvency, moratorium or similar laws or equitable principles affecting the enforcement of creditors' rights generally. Nothing in this paragraph shall be construed to give the Participant any taxing power not granted by another provision of law. The Participant's obligation to make the payment of a Termination Charge related to the Participant Note shall be subordinate to the regularly scheduled payments of principal of and interest on the Participant Note. This Participant Note may be prepaid, in whole or in part, as set forth in Article VI of the Loan Agreement. DelVal shall pledge and assign this Participant Note to the Trustee. The Participant and Trustee may deem and treat the person in whose name this Participant Note is registered as the absolute owner hereof for the purpose of receiving payment of, or on account of, the principal or redemption price hereof and interest hereon and for all other purposes, whether or not this Participant Note shall be overdue. The Participant and Trustee shall not be affected by any notice to the contrary. No covenant or agreement contained in this Participant Note shall be deemed to be the covenant or agreement of any officer, agent or employee of the Participant in his or her individual capacity, and no official executing this Participant Note shall be liable personally on this Participant Note or be subject to any personal liability or accountability by reason of the issuance of this Participant Note. [Signature Page Follows] 2

3 IN WITNESS WHEREOF, we, the undersigned authorized officials, have hereunto set our signatures and affixed hereto the Seal of the TOWNSHIP OF WEST GOSHEN, Chester County, Pennsylvania. Dated: January 27, 2014 O.-c,.~~10 ) ~!AB.Mc :VAINE Chairman, Board of Supervisors (Seal) ATTEST: CASEY LALoNDB Board Secretary 3

4 Schedule A 2 Township of West Goshen General Obligation Note, 2014 A-2 Series Principal Amortization Schedule and Maximum Annual Debt Service Bond Year Ending 25-Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan-28 Total Maximum Maximum Maximum Interest Interest Annual Principal (1) ~ Payment (2) Debt Service $ 15% $ 212, $ 212, % 213, '213, , % 213, , , % 189, , , % 164, , , % 139, , , % 112, , , % 85, , , % 58, , , % 29, , $1,423, $2,272, $3,695, (1) Prtnclpal Is payable annually, commencing on: 25-Jan-15 Principal Is amortized to provide level or declining annual debt service. (2) Interest Is payable monthly on the 25th, commencing: 25-Feb-14 Interest Is calculated for the period beginning on: 27-Jan-14 4

5 ASSIGNMENT TOWNSHIP OF WEST GOSHEN $6,643,000, GENERAL OBLIGATION NOTES, 2014 A-1, A-2, B-1 AND B-2 SERIES FOR VALUE RECEIVED, THE UNDERSIGNED HEREBY SELLS, ASSIGNS AND TRANSFERS UNTO TD BANK, N.A., 1006 Astoria Boulevard, Cherry Hill, NJ 08034, the within Note(s) and all rights thereunder, and hereby irrevocably constitutes and appoints TD Bank, N.A., his attorney to transfer the said Notes on the books of the within described Paying Agent with full power of substitution in the premises. Dated: January 27, 2014 DELAWARE VALLEY REGIONAL FINANCE AUTHORITY [SEAL] By:\\.Q ~4/I f JG(L@a,#1. Cf John P. McB!ain Chairman ATTEST: Secretary NOTICE: The signature of this assignment must c01tespond with the name of the registered owner as it appears upon the face of the within Notes in every particular, without alteration or enlargement or any change whatsoever.